A major supermarket chain in Papua New Guinea which has been facing bankruptcy, has been placed under receivership.
The Post Courier reports Best Buy Group Limited and its Lae-based parent company, Shao Trading, are reported to owe millions of kina to major creditors throughout the country.
One of their bankers, ANZ Banking Group (PNG) Limited, last week appointed a receiver of the two failed companies.
The Best Buy chain of supermarkets was initially owned by the Goroka-based Collins and Leahy Group of Companies and was a thriving business operation in the 1990s.
